Thin premixed drywall compound in a large bucket by adding water and stirring until the mixture is the consistency of pancake batter.
Attach a thin-nap paint roller to an extension pole, and roll a light coat of the thinned drywall compound on the ceiling, over the old knockdown texture.
Work in 3-foot areas. Start at one corner, and, after rolling a section, wipe the wet texture with a 14-inch trowel.
Pull the trowel with long, straight motions, smoothing the wet texture into the depressions in the old knockdown ceiling. Repeat until you've covered the entire ceiling. It's OK if it isn't completely smooth, but wipe away large ridges as they occur. Let the ceiling dry completely.
Attach a large texture roller to the extension pole. There are different types of texture rollers; for a knockdown finish, choose one that leaves large peaks in the wet drywall compound.
Roll a thick coat of wet compound on the ceiling. Again, work in 3-foot sections. Apply only enough pressure to the roller to create a uniform texture on the ceiling with wet tips that protrude downward.
Knock down the tips of the texture with the 14-inch trowel, using a very light touch. You don't want to wipe off the texture, just push the soft tips of the texture down. The result should resemble a stucco finish.
Repeat rolling and knocking down the tips until you've covered the entire ceiling.